Tip:
Highlight text to annotate it
X
Brianna Goetzfried: Generally, how long does a bankruptcy take?
Jennifer Newcomer: It typically takes four to six months from the date that it's filed.
Usually, it's spread around four months.
The longest part of the process is after your court date, your creditors are given 120 days to look through their records for fraud.
They're going to make sure that you weren't out on long vacations or
buying luxury items and basically racking up your credit card knowing that you aren't going to pay them off.
And after that 120 days goes by and nobody objects to your bankruptcy, typically your bankruptcy will be discharged at that time.
However, if they do see fraud on your accounts they might file what's called an Adversary Proceeding which,
of course, would extend the time of your bankruptcy while they investigated the fraud charge on your bankruptcy.